TSX gains during Jan.9-13 period

The TSX Composite Index was up 42.42 points during the Jan. 9-13 trading period to close at 12,231.06. Diversified miners gained 36.32 points to end the week at 1,184.14. The Global Gold Index inched up 5.01 points to 380.64, as the price of gold gained US$23.10 to US$1,639.70 per oz. as Standard & Poor’s downgraded nine eurozone countries: France, Austria, Italy, Spain, Portugal, Cyprus, Malta, Slovenia and Slovakia.

The week’s biggest percentage gainer was PC Gold, doubling to end the week at 48¢ on 7.6 million shares. On Jan.11, the company reported that it has found a new high-grade vein, labelled No.22, in the Shaft 3 area at the Pickle Crow gold project near Thunder Bay, Ont. The company says nine of 11 holes that it drilled in the area hit the vein, of which four returned visible gold. The most notable intercept was 1.5 metres carrying 444.38 grams gold per tonne from 22.6 metres.  

PC Gold adds the shallow vein is close to historical workings and could likely add to Pickle Crow’s resources. Currently, the project has 1.26 million oz. gold in inferred from 10.1 million tonnes averaging 3.9 grams gold per tonne.

Ivanhoe Australia surged 38.8% to close at $1.75, after receiving a $30.1-million distribution from Exco Resources Limited. The distribution consists of a capital return and special dividend following the sale of Exco’s Cloncurry copper project to Xstrata Copper. The Australia-focused company says the distribution increases its Dec. 31, 2011, cash balance to $166 million, and puts it in a good position to start producing from its Osborne copper-gold project this March. The company currently holds 22.6% of Exco, and 80% of the joint-venture tenements it has with Exco.  

Zincore Metals jumped 36.8% to 26¢ after announcing it discovered high-grade copper mineralization in an undrilled area of the Dolores copper project in southern Peru. New trench results include 0.71% copper equivalent over a 29-metre trench, near two of the best holes drilled to date at the property.

Pacific North West Capital‘s shares gained 36.3% to close at 15¢ after releasing nine assays from its River Valley primary platinum group metals deposit near Sudbury, Ont. One notable hit was 54 metres carrying 2.08 grams per tonne of palladium, platinum and gold. The drill results are part of a $5-million exploration program that started last April.

Agrium and Potash Corp. of Saskatchewan were the week’s top value gainer, up $7.33 and $2.86, to $79.13 and $45.80 respectively. The Globe and Mail reported on Jan. 10 that BMO analyst Joel Jackson predicts potash prices in 2012 will be 5% to 10% higher compared to last year. He also upgraded his “market perform” rating on Agrium (price target US$98) to “outperform”, and reiterated an outperform rating on PotashCorp with a price target of US$61.

The week’s most actively traded stock was Lake Shore Gold, with 20.2 million shares changing hands. The company reported its 2011 operating results for the fourth quarter and the full year. It poured 26,550 oz. gold in the last quarter and 86,565 oz. for the full year. Lake Shore gold closed the week down 4¢ to $1.39.